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Deputy PM Pham Binh Minh has recently issued Decision 1425/QD-TTg, dated August 24 to  specify duties and obligations of five ministries to implement the UK-Viet Nam Free Trade Agreement (UKVFTA).

Under the decision, the Ministry of Industry and Trade (MoIT) is entrusted to implement Chapter 1 on objectives and general definitions, Chapter 2 on trade remedies, Chapter 7 on non-tariff barriers to trade and investment in renewable energy generation, Chapter 10 on competition policy, Chapter 11 on State-owned enterprises, enterprises granted special rights or privileges, and designated monopolies, and Chapter 17 on institutional, general and final provisions.

The MoIT, the Ministry of Finance, and the Ministry of Agriculture and Rural Development (MARDa) are assigned to implement Chapter 2 on national treatment and market access for goods in which the first is responsible for export management, the second is in charge of tariffs, and the last bears the responsibility for agro products.

The General Department of Customs under the MoF shall be responsible for implementation of Chapter 4 on customs and trade facilitation.

The Viet Nam Sanitary and Phytosanitary notification authority and enquiry point (SPS Viet Nam) under the MARD is tasked to enforce Chapter 6 on sanitary and phytosanitary measures.

Chapter 8 on liberalization of investment, trade in services and electronic commerce is jointly enforced by the MoIT (on trade in services), the Ministry of Information and Communications (on electronic commerce in data, telecom, and information circulation), the Ministry of Labor, Invalids, and Social Affairs (on temporary presence of persons for business purposes), and the Ministry of Planning and Investment (on liberalization of investment).

The UKVFTA was signed on December 29, 2020 in the UK and become effective on May 1, 2021.

Under the UKFTA commitments, six years since the deal came into effect, the UK will remove tariffs for 99.2% of goods imported from Viet Nam, or 99.7% of Viet Nam’s exports to the country.

Meanwhile, Viet Nam will immediately remove tariff for 48.5% of goods from the UK, or 64.5% of import volume. The figure is set to rise to 91.8% or 97.1% of UK exports to Viet Nam in six years.

Most recently, Circular 02/2021/TT-BCT (Circular 2) guiding the implementation of the rules of origin in the UKVFTA was issued. Circular 2 takes effect on July 26, 2021.

On May 21, the Vietnamese government issued Decree 53/2021/ND-CP (Decree 53) on Viet Nam’s preferential export and import tariffs for the implementation of the UKVFTA for the 2021-2022 period. Decree 53 was effective from May 21, 2021./.

(Source:VGP)